Bybit, one of the world’s largest cryptocurrency exchanges, has suffered a massive $1.5 billion hack, making it the largest crypto theft ever recorded. The attackers breached Bybit’s cold wallet—an offline storage system meant to safeguard assets—stealing primarily ether (ETH) before rapidly moving and liquidating the funds through multiple wallets and platforms.

Bybit CEO Ben Zhou has yet to release a full statement on how the breach occurred or what steps will be taken to recover the stolen assets. The hack raises serious concerns about security in the crypto space, as even cold wallets—long considered a safer option—are no longer immune to sophisticated cyberattacks.

With billions lost in crypto hacks over the years, this latest breach could shake investor confidence and lead to stricter regulations in the industry. Stay tuned for updates on how Bybit and authorities respond.

What do you think this means for the future of crypto security?

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